Comments on: what kind of regulations are there on buying refurbishing and selling on used cars outside of a business? http://www.raleigh-used-cars.org/local/what-kind-of-regulations-are-there-on-buying-refurbishing-and-selling-on-used-cars-outside-of-a-business/ Mon, 06 Sep 2010 19:56:44 +0000 http://wordpress.org/?v=2.5.1 By: Neil http://www.raleigh-used-cars.org/local/what-kind-of-regulations-are-there-on-buying-refurbishing-and-selling-on-used-cars-outside-of-a-business/#comment-1415 Neil Wed, 07 May 2008 02:23:29 +0000 http://raleigh-used-cars.org/local/?p=738#comment-1415 I believe that if you buy and sell more than two cars a year you must declare yourself as a trader in all adverts. Failure to do so could land you with a hefty fine for false advertising. Similarly, if you sell a faulty car, and a buyer can prove that you are trading (e.g. buying and selling more than two cars a year, or buying and selling cars without using them), you will have the same responsibilities as a main dealer would have to repair the car or refund the buyer. Effectively, if you are doing this for profit, rather than to give yourself a nice car, you are running a business, and the same laws will apply. You may have to register for VAT - depends on your turnover, and will have to declare all profits to the Inland Revenue and be subject to income tax on them. I believe that if you buy and sell more than two cars a year you must declare yourself as a trader in all adverts.
Failure to do so could land you with a hefty fine for false advertising.

Similarly, if you sell a faulty car, and a buyer can prove that you are trading (e.g. buying and selling more than two cars a year, or buying and selling cars without using them), you will have the same responsibilities as a main dealer would have to repair the car or refund the buyer.

Effectively, if you are doing this for profit, rather than to give yourself a nice car, you are running a business, and the same laws will apply. You may have to register for VAT - depends on your turnover, and will have to declare all profits to the Inland Revenue and be subject to income tax on them.

]]> By: snooksville http://www.raleigh-used-cars.org/local/what-kind-of-regulations-are-there-on-buying-refurbishing-and-selling-on-used-cars-outside-of-a-business/#comment-1414 snooksville Sun, 04 May 2008 22:45:44 +0000 http://raleigh-used-cars.org/local/?p=738#comment-1414 If you are selling them for profit then you must register as a business. This is because the Inland Revenue classes this sort of activity as income and it must be assessed for tax in the normal way. Aside from this, you must of course ensure that the cars meet all current MOT standards. If you are selling them for profit then you must register as a business. This is because the Inland Revenue classes this sort of activity as income and it must be assessed for tax in the normal way.

Aside from this, you must of course ensure that the cars meet all current MOT standards.

]]> By: fire wall http://www.raleigh-used-cars.org/local/what-kind-of-regulations-are-there-on-buying-refurbishing-and-selling-on-used-cars-outside-of-a-business/#comment-1413 fire wall Sat, 03 May 2008 02:20:18 +0000 http://raleigh-used-cars.org/local/?p=738#comment-1413 you have to get the cars tested at a vosa test station ed to say the cars are road worthy then you get it moted you have to get the cars tested at a vosa test station ed to say the cars are road worthy then you get it moted

]]> By: Twisted_Ace http://www.raleigh-used-cars.org/local/what-kind-of-regulations-are-there-on-buying-refurbishing-and-selling-on-used-cars-outside-of-a-business/#comment-1412 Twisted_Ace Fri, 02 May 2008 23:24:01 +0000 http://raleigh-used-cars.org/local/?p=738#comment-1412 If you sell more than six vehicles in any 12 month period, the government considers you to be a business. You will have to declare yourself as such and pay business tax. If you don't, there are very hefty fines or even jail sentences available... If you sell more than six vehicles in any 12 month period, the government considers you to be a business. You will have to declare yourself as such and pay business tax.

If you don’t, there are very hefty fines or even jail sentences available…

]]> By: tom l http://www.raleigh-used-cars.org/local/what-kind-of-regulations-are-there-on-buying-refurbishing-and-selling-on-used-cars-outside-of-a-business/#comment-1411 tom l Wed, 30 Apr 2008 08:20:44 +0000 http://raleigh-used-cars.org/local/?p=738#comment-1411 each state has differant statuates for exactly how many car tittles you can buy/and/or/sell per year!check with your local dmv.A way to circumvent that is to never sign or re-tittle a car youve purchaced for re-sale,therefore it goes from origanal seller to your buyer! each state has differant statuates for exactly how many car tittles you can buy/and/or/sell per year!check with your local dmv.A way to circumvent that is to never sign or re-tittle a car youve purchaced for re-sale,therefore it goes from origanal seller to your buyer!

]]> By: peter t http://www.raleigh-used-cars.org/local/what-kind-of-regulations-are-there-on-buying-refurbishing-and-selling-on-used-cars-outside-of-a-business/#comment-1410 peter t Tue, 29 Apr 2008 16:48:11 +0000 http://raleigh-used-cars.org/local/?p=738#comment-1410 if you made a habit of it, and made money doing so, you would have to register for income tax, thats about it really. if you made a habit of it, and made money doing so, you would have to register for income tax, thats about it really.

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